Dubai, UAE – AD Ports Group has reported strong financial results for Q1 2023, with revenue of AED1,817 million ($494 million), representing a significant YoY growth of 73 percent.
This growth is attributed to the robust performance of its Maritime, Economic Cities and Free Zones, and Ports Clusters, as well as the recent acquisitions made in 2022 and Q1 2023.
The group’s EBITDA also rose by 33 percent YoY to AED 699 million ($190 million), indicating an EBITDA margin of 38.5 percent for the quarter, which is within the short-term guidance of 35-40 percent provided to the market.
The group’s total net profit also increased by 18 percent YoY to AED 363 million ($99 million).
The Maritime Cluster reported impressive revenue growth of 259 percent YoY to $249 million, while the Economic Cities and Free Zones Cluster reported revenue growth of 13 percent YoY to $117 million. The Ports Cluster reported revenue growth of 24 percent YoY to $86 million.
AD Ports Group is continuing its ambitious revenue-generating CapEx programme, spending $278 million in Q1 2023 to diversify its income streams. The group maintained a healthy financial position and leverage, with a net debt to EBITDA ratio of 2.1x.
Since the beginning of the year, AD Ports Group has made several key announcements, including the acquisition of 100 percent ownership of TTEK, a developer of border control solutions and customs systems, as well as the completion of the merger with EAJ in Abu Dhabi. The group is also focused on completing the previously announced acquisitions of 100 percent of Noatum, a logistics services provider with a presence in 26 countries across five continents, and an 80 percent equity stake in Dubai-based Global Feeder Shipping (GFS), a global container shipping company.
